This Privacy Policy has been updated effective September 1, 2023

Privacy Policy

Introduction

Welcome to Asabik. We believe that consumers deserve the utmost respect when it comes to the privacy of their personal information. This privacy policy governs the collection, storage, and use of information and data collected by Asabik LLC or any of our U.S. affiliates (collectively, “Asabik,” “we”, “us”, or “our”), via our website at www.asabik.com and its subdomains or any other website operated by us that display this Privacy Policy, by our mobile application, or by telephone, email, or other means (collectively, and together with our website, “Asabik Services”).

We have prepared this Privacy Policy to explain how we collect, use, protect, and disclose information and data when business owners, investors, designated agents, or other users of the Asabik services (collectively, “you”) use our website or any other Asabik Services.

Please read this Privacy Policy carefully. By accessing and using this website or any other Asabik Services, you confirm that you have read and understand this Privacy Policy in its entirety. You understand and acknowledge that we reserve the right to change or amend this Privacy Policy at any time, which will be reflected by the “effective” date above. Please check this webpage regularly to stay informed of updates to this Privacy Policy. If any material changes are made to this Privacy Policy, advance notice of the changes will be posted in the first section of this webpage as required by applicable law. You understand that you will be deemed to have accepted the updated Privacy Policy if you continue to use the Services after the new Privacy Policy takes effect

If you have questions or complaints regarding our Privacy Policy or practices, or if you need assistance in exercising any of your choices under this Privacy Policy, please contact us at privacy@asabik.com.

This policy applies to all current and former Asabik customers. Note that, in order to use our services, you must be 18 years of age or older.

Effective January 1, 2020, the California Consumer Privacy Act (“CCPA”) provides specific rights and protections to California residents. If you are a California resident, please see the section entitled “Notice to California Residents” below for more information.

Please also visit our Terms of Use which establish the rules, disclaimers, and limitations of liability governing your use of our website.

1. Information We Collect

Information provided by you

Asabik collects information when you use Asabik and supplied by you or your designated agent. When you use or websites or otherwise communicate with us, we may collect personal information that you provide to us, such as your name, date of birth, contact details, and business information.

We collect this information when you apply for investment or register as an investor or investee. Additional information may be gathered during your subsequent use of the Asabik websites, or when we communicate with you via telephone, email or other means.

The following categories of information may be collected:

Investees / Investors

• Individual and business names

• Business and home address

• Phone and e-mail details, including passwords

• Bank account information

• Date of birth

• Social security number, drivers’ license, or other government IDs

• Income, assets, debt, and other personal and business data

• Other information provided in correspondence with us, including by email, and telephone

Information obtained from third parties

Certain personal information must be supplied when you apply for investment funding request and/or register as an investor or investee, or in connection with servicing your account, in order to meet our legal obligations, verify your identity, facilitate determinations for credit eligibility, protect against fraud, and complete your transaction. The following categories of information may be collected:

• Your basic identifying information (for example, your name, address, email, telephone number, and date of birth);

• Your Social Security number;

• Your credit score, credit history and other information related to your creditworthiness, identity and financial transactions;

• Your employment and income information;

• Your bank account information and transactions;

• Government-issued identification or additional information for identity verification

• Any personal information you provide us.

By using Asabik Services and applying for investment funding for your business, you acknowledge that our unaffiliated, third-party providers will have the right, power, and authority to act on your behalf to access and transmit your personal and financial information from the relevant financial institution or consumer reporting agency, according to the terms of such third-party provider’s privacy policy.

2. How We Use Your Information

Registration & Services Provision

If you register as an investee and/or request investment by applying for funding, Asabik will use your information to facilitate your investment funding request and/or request for investment, and other services provided you. This may include:

• Generating your account profile, processing your application and verifying your identity and application information;

• Verify your identity and conduct appropriate due diligence;

• Register you as a user and identify you when you sign into your account;

• Assigning you a Asabik Rating or furnishing you with a credit score upon your request;

• Enabling automatic payments and fund transfers with other financial institutions;

• Communicating with you concerning your investment funding or your application, account, and/or transactions;

• Manage and monitor your investment funding request or application and update your records;

• Providing support;

• Process your business’ application and determine whether or not your business qualifies for our products;

• Service your business product account, including deducting automatic payments;

• Obtain, upon your authorization, a credit report, references, and other information from credit bureaus or other third parties in connection with your funding investment application;

• Create a marketplace investment listing on the Asabik website;

• Determine your business’ eligibility for funding;

If you register as an individual investor, Asabik will use your information to facilitate marketplace investing. This may include:

• Creating your investor profile;

• Enabling automatic payments and fund transfers with other financial institutions;

• Communicating with you concerning your Asabik account and transactions;

• Providing support;

• Communicate with you regarding your account, respond to customer service requests,

• Facilitate investing, process your deposit account application or transactions;

• Fulfill any other purposes for which you provide it, or any other purpose we deem necessary or appropriate;

Analysis & Data Optimization

Asabik also uses your information to conduct analyses related to our services. We use this information to improve credit models and our services. We also use this information to improve Asabik websites’ usability and to evaluate the success of particular marketing campaigns and other activities. This may include:

• Carry out statistical analysis and market research and testing;

• Efficiently maintain our business;

• Protect the security and integrity of our Site and Services;

• Maintain and improve our Site and Services;

Marketing & Surveys

Asabik may also use your personal information to select you for certain marketing communications, newsletters, surveys and/or requests for feedback regarding your experience. Asabik may use your personal information both to select you for offers and to communicate offers to you. This may include:

• Improve customer acquisition through the use of advertising campaigns and other means, such as targeted marketing;

• send marketing communications, and send account update notifications;

• Make our website available to you and identify products and services you may be interested in;

• Develop, maintain and improve our website, products, and services;

Legal Obligatory & Security Concerns

When you apply for investment funding request with us, we will ask for information about the owners of your business including their name, address, date of birth and other information that will allow us to identify them. We may also ask to see your driver’s license or other identifying documents.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies the business and each person who owns the business. We share with law enforcement or other government bodies, such as to comply with subpoenas, bankruptcy proceedings, or similar legal processes or for the purposes of limiting fraud. When required by applicable law, including, but not limited to:

• Investigate, prevent, or take action regarding illegal activities, suspected fraud, situations involving potential threats to the physical safety of any person, or violations of our Terms of Use, and to otherwise fulfill our legal obligations;

• Monitor compliance with and enforce this Privacy Policy and any other applicable agreements and policies;

• Detect and guard against potential fraud and identity theft;

• Detect security incidents and protect against malicious, deceptive, fraudulent or illegal activity;

• Comply with our legal and regulatory obligations, and carry out regulatory checks;

• Enforce our agreements;

• Defend our legal rights and the rights of others;

• Implementing collection activities as needed;

3. How We Share Your Information

Your information, as collected by or provided to us, may be disclosed by us to the following categories of third parties:

Investors: We disclose information about your business and financial situation in order to operate our marketplace lending platform, including:

To make available certain information about the fund, the investee, to investors who invest servicing the fund.

To make information available to prospective investors who are contractually required to implement safeguards to protect and maintain the confidentiality of the information we provide.

Asabik may provide information about your business and financial situation, as well as any personal information and personal information regarding the individuals involved with the business that you provide to us, to be disclosed to the investors.

Service Providers: In order to provide, operate, and improve Asabik Services, we may disclose your information to service providers who assist us in operating our website, providing market research and marketing our products and services, or servicing investment funding request, so long as the service provider contractually agrees to only use the data on our behalf.

Funding Partners: In order to enable Asabik to carry out our services and conduct our businesses, such as marketing, investing, fund servicing, and collections activities, including, but not limited to:

With credit bureaus, consumer reporting agencies, financial institutions, collections agencies, and fraud prevention agencies in order to, among other things, perform various checks, locate investee, or recover debts.

With business credit bureaus to report investment performance.

With third party lenders and loan marketplaces to assist you obtain alternate funding options.

Advertising Partners: We may allow third-party advertising partners to set cookies and other tracking tools described in “Cookies and tracking technologies” above to collect information regarding your activities and your device (e.g., your IP address, mobile identifiers, page(s) visited, location, time of day). These advertising partners may use this information (and similar information collected from other websites) for purposes of delivering targeted advertisements to you

4. Cookies and Tracking Technologies

Asabik and our third-party service providers may utilize cookies and other similar technologies (such as web beacons or pixel tags) to capture and remember certain information (collectively, “Technologies”). We set some Cookies ourselves, while separate entities set other Cookies. We use Cookies other entities set to provide us with useful information, to help us improve our Site and Services, to conduct advertising, and to analyze the effectiveness of advertising. You can block Cookies by changing your Internet browser settings.

Analytics: We may also use Google Analytics and other service providers to collect information regarding visitor on our Services, to provide tailored advertising, and to evaluate our marketing efforts.

5. Storage and security

Asabik uses significant safeguards, including physical, technical (electronic), and operational controls to protect your personal information, both during transmission and once received. To the fullest extent permitted by applicable law, we accept no liability if communications are unintentionally disclosed, intercepted by third parties, incorrectly delivered, or fail to deliver.

For all customers, we will retain your information for as long as needed to provide you services, comply with our legal obligations, resolve disputes, conduct analysis, audits, or to enforce our agreements or as otherwise permitted and/or required by law.

6. Privacy Choices

Receipt of marketing communications via email is voluntary. If you do not wish to receive these communications, you may unsubscribe using the link in any marketing email. All customers may contact us at privacy@asabik.com to disable optional communications.

As a registered investor, you can update your password, email, phone number. As a registered investee, you may update your password, email, phone number, though certain changes prior to fund origination may require you to submit a new investment funding application. To review or request changes to any of your Personally Identifiable Information, please contact us at support@asabik.com.

.

7. Children’s Privacy

The Site and Services are not intended for children under 13 years of age. We do not knowingly collect, use, or disclose personal information from children under 13.

8. How to Contact Us

To contact us for questions or concerns about our privacy policies or practices please email us at privacy@asabik.com or visit our website https://asabik.com

California privacy notice

You have the following rights under the CCPA:

• Right to know. You can request information about the categories of personal information that we have collected; the categories of sources from which we collected personal information; the business or commercial purpose for collecting, sharing and/or selling personal information; the categories of any personal information that we sold or disclosed for a business purpose; and the categories of any third parties with whom personal information was sold, shared or disclosed for a business purpose.

• Right to access. You can request a copy of certain personal information that we have collected about you.

• Right to deletion. You can request that we delete personal information that we collected from you.

• Right to correction. You can request that we correct inaccurate personal information that we have collected about you.

• Right to opt-out. You can request to opt-out of disclosures of your personal information that constitute “selling” or “sharing” of your personal information as defined in the CCPA.

• Nondiscrimination. You are entitled to exercise the rights described above free from discrimination as prohibited by the CCPA.

You may submit requests to exercise your right to know, access, deletion and correction by emailing support@asabik.com 

Nevada privacy notice

Certain Nevada consumers may opt out of the sale of “personally identifiable information” for “monetary consideration,” as defined under Nevada law, to a person for that person to license or sell such information to others. We do not engage in such activity; however, if you are a Nevada resident who has purchased goods or services from us, you may submit a request to opt out of any future sales under Nevada law by contacting us as detailed in the “Contact Us” section above. Please note we may take reasonable steps to verify your identity and the authenticity of the request.